UWM Holdings Corp (UWMC) financial statements: income statement, balance sheet and cash flow
UWM Holdings Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), UWM Holdings Corp reported revenue of $3.2B (+46.1% year on year) and net income of $244.0M (-25.9% year on year).
Income statement
UWM Holdings Corp income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Loan production income
$1.9B
$1.5B
$1.0B
$982.0M
Loan servicing income
$724.7M
$636.7M
$818.7M
$792.1M
Interest income
$537.7M
$508.6M
$346.2M
$314.5M
Total revenue
$3.2B
$2.2B
$1.3B
$2.4B
Change in fair value of mortgage servicing rights
($1.1B)
($295.0M)
($854.1M)
—
Gain (loss) on other interest rate derivatives
$298.1M
—
—
—
Other gains (losses), net
($757.3M)
—
—
—
Salaries, commissions and benefits
$851.2M
$689.2M
$530.2M
$552.9M
Direct loan production costs
$208.8M
$190.3M
$104.3M
$90.4M
Marketing, travel, and entertainment
$106.2M
$96.8M
$84.5M
$74.2M
Depreciation and amortization
$50.0M
$45.5M
$46.1M
$45.2M
General and administrative
$264.1M
$209.8M
$170.4M
$179.5M
Servicing costs
$145.6M
$111.0M
$131.8M
$166.0M
Interest expense
$530.8M
$490.8M
$320.3M
$306.0M
Other income
($4.4M)
($5.5M)
($5.0K)
$23.7M
Total expenses
$2.2B
$1.8B
$1.4B
$1.4B
Earnings (loss) before income taxes
$250.9M
$336.0M
($76.3M)
$934.7M
Provision (benefit) for income taxes
$6.9M
$6.6M
($6.5M)
$2.8M
Net income (loss)
$244.0M
$329.4M
($69.8M)
$931.9M
Net income (loss) attributable to non-controlling interest
$216.6M
$315.0M
($56.6M)
$890.1M
Net income (loss) attributable to UWM Holdings Corporation
$27.4M
$14.4M
($13.2M)
$41.7M
Basic (in usd per share)
$0.13
$0.13
-$0.14
$0.45
Diluted (in usd per share)
$0.12
$0.13
-$0.14
$0.45
Basic (in shares)
211.4M
111.4M
93.2M
92.5M
Diluted (in shares)
1.6B
111.4M
93.2M
92.5M
UWM Holdings Corp income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Loan production income
$527.2M
$554.6M
$542.1M
$447.9M
Loan servicing income
$220.5M
$213.4M
$169.0M
$178.8M
Interest income
$140.3M
$133.5M
$132.1M
$132.0M
Total revenue
$888.0M
$901.4M
$843.3M
$758.7M
Change in fair value of mortgage servicing rights
($122.7M)
($10.3M)
($307.8M)
($111.4M)
Gain (loss) on other interest rate derivatives
($603.2M)
($138.2M)
$27.8M
$208.9M
Other gains (losses), net
($725.9M)
($148.5M)
($280.0M)
$97.5M
Salaries, commissions, and benefits
$213.0M
$224.6M
$222.8M
$211.5M
Direct loan production costs
$72.2M
$60.5M
$64.2M
$46.3M
Marketing, travel, and entertainment
$35.6M
$30.9M
$23.4M
$26.4M
Depreciation and amortization
$14.7M
$14.4M
$12.7M
$12.2M
General and administrative
$89.7M
$59.0M
$62.2M
$60.0M
Servicing costs
$49.7M
$43.1M
$33.9M
$35.1M
Interest expense
$158.9M
$140.8M
$132.1M
$133.5M
Other expense (income)
$1.2M
$2.2M
($815.0K)
$1.8M
Total expenses
$635.0M
$575.4M
$550.6M
$526.8M
Earnings (loss) before income taxes
($472.9M)
$177.5M
$12.7M
$329.4M
Provision (benefit) for income taxes
($21.0M)
$7.1M
$582.0K
$14.9M
Net income (loss)
($451.9M)
$170.4M
$12.1M
$314.5M
Net income (loss) attributable to non-controlling interest
($371.3M)
$145.1M
$13.3M
$291.6M
Net income (loss) attributable to UWM Holdings Corporation
($80.6M)
$25.3M
($1.3M)
$22.9M
Basic (in usd per share)
-$0.24
$0.09
-$0.01
$0.11
Diluted (in usd per share)
-$0.24
$0.09
-$0.01
$0.11
Basic (in shares)
337.5M
292.1M
221.4M
202.1M
Diluted (in shares)
337.5M
1.6B
221.4M
202.1M
Balance sheet
UWM Holdings Corp balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents (includes restricted cash of $21.0 million and $16.0 million, respectively)
$503.4M
$507.3M
$497.5M
$704.9M
Mortgage loans at fair value
$9.9B
$9.5B
$5.4B
$7.1B
Derivative assets
$37.6M
$100.0M
$33.0M
$82.9M
Investment securities at fair value, pledged
$100.5M
$103.0M
$110.4M
$113.3M
Accounts receivable, net
$526.7M
$418.0M
$512.1M
$383.1M
Mortgage servicing rights
$4.1B
$4.0B
$4.0B
$4.5B
Premises and equipment, net
$180.2M
$146.2M
$146.4M
$152.5M
Operating lease right-of-use asset (includes $93.4 million and $92.6 million, respectively, with related parties)
$94.3M
$93.7M
$99.1M
$104.2M
Finance lease right-of-use asset, net (includes $20.7 million and $22.7 million, respectively, with related parties)
$21.2M
$23.2M
$29.1M
$42.2M
Other assets
$324.9M
$151.8M
$111.4M
$83.8M
Total assets
$16.9B
$15.7B
$11.9B
$13.6B
Warehouse lines of credit
$8.9B
$8.7B
$4.9B
$6.4B
Derivative liabilities
$26.6M
$36.0M
$40.8M
$49.7M
Secured lines of credit
$1.2B
$500.0M
$750.0M
$750.0M
Borrowings against investment securities
$87.5M
$90.6M
$93.8M
$101.3M
Accounts payable, accrued expenses and other
$707.8M
$580.7M
$469.1M
$439.7M
Accrued distributions and dividends payable
$161.3M
$159.8M
$159.6M
$159.5M
Senior notes
$3.0B
$2.8B
$2.0B
$2.0B
Operating lease liability (includes $99.7 million and $99.2 million, respectively, with related parties)
$100.6M
$100.4M
$106.0M
$111.3M
Finance lease liability (includes $22.9 million and $24.6 million, respectively, with related parties)
$23.5M
$25.1M
$30.7M
$43.5M
Loans eligible for repurchase from Ginnie Mae
$1.1B
$641.6M
$856.9M
$345.5M
Total liabilities
$15.3B
$13.6B
$9.4B
$10.4B
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of December 31, 2025 or December 31, 2024
0
0
0
0
Common stock, $0.0001 par value
$160.0K
$160.0K
$160.0K
$159.0K
Additional paid-in capital
$9.9M
$3.5M
$1.7M
$903.0K
Retained earnings
$189.4M
$157.8M
$110.7M
$142.5M
Non-controlling interest
$1.4B
$1.9B
$2.4B
$3.0B
Total equity
$1.6B
$2.1B
$2.5B
$3.2B
Total liabilities and equity
$16.9B
$15.7B
$11.9B
$13.6B
UWM Holdings Corp balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents (includes restricted cash of $21.0 million and $21.0 million, respectively)
$498.4M
$424.0M
$870.7M
$490.0M
Mortgage loans at fair value
$9.6B
$11.0B
$10.8B
$8.0B
Derivative assets
$83.6M
$124.5M
$91.4M
$59.4M
Investment securities at fair value, pledged
$96.0M
$98.5M
$101.3M
$101.6M
Accounts receivable, net
$531.8M
$1.3B
$548.1M
$719.4M
Mortgage servicing rights
$5.3B
$4.6B
$3.3B
$3.4B
Premises and equipment, net
$174.6M
$180.5M
$165.0M
$166.5M
Operating lease right-of-use asset (includes $90.3 million and $93.4 million, respectively, with related parties)
$90.9M
$92.6M
$96.0M
$91.0M
Finance lease right-of-use asset, net (includes $19.6 million and $20.7 million, respectively, with related parties)
$20.1M
$20.7M
$21.2M
$21.8M
Other assets
$372.8M
$347.5M
$286.5M
$187.0M
Total assets
$17.9B
$19.3B
$17.0B
$13.9B
Warehouse lines of credit
$8.6B
$9.9B
$9.8B
$7.3B
Derivative liabilities
$33.6M
$337.8M
$41.2M
$76.7M
Secured lines of credit
$3.0B
$2.0B
$0
$425.0M
Borrowings against investment securities
$83.7M
$86.7M
$87.1M
$86.9M
Accounts payable, accrued expenses and other
$882.0M
$949.8M
$707.0M
$661.5M
Accrued distributions and dividends payable
$160.4M
$161.8M
$160.8M
$160.4M
Senior notes
$3.0B
$3.0B
$3.8B
$2.8B
Operating lease liability (includes $96.4 million and $99.7 million, respectively, with related parties)
$97.0M
$98.8M
$102.3M
$97.5M
Finance lease liability (includes $22.0 million and $22.9 million, respectively, with related parties)
$22.4M
$23.0M
$23.4M
$23.9M
Loans eligible for repurchase from Ginnie Mae
$1.1B
$1.1B
$749.1M
$564.8M
Total liabilities
$17.0B
$17.7B
$15.4B
$12.1B
Preferred stock, $0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of June 30, 2026 or December 31, 2025
0
0
0
0
Common stock, $0.0001 par value
$160.0K
$160.0K
$160.0K
$160.0K
Additional paid-in capital
$15.0M
$12.6M
$7.6M
$5.7M
Retained earnings
$118.6M
$216.8M
$169.9M
$170.3M
Non-controlling interest
$851.5M
$1.4B
$1.4B
$1.6B
Total equity
$985.3M
$1.6B
$1.6B
$1.7B
Total liabilities and equity
$17.9B
$19.3B
$17.0B
$13.9B
Cash flow statement
UWM Holdings Corp cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income (loss)
$244.0M
$329.4M
($69.8M)
$931.9M
Reserve for representations and warranties
$35.3M
$43.4M
$49.7M
$57.4M
Capitalization of mortgage servicing rights
($3.6B)
($2.9B)
($2.3B)
($2.2B)
Change in fair value of mortgage servicing rights
$1.1B
$295.0M
$854.1M
($284.1M)
Depreciation & amortization
$55.5M
$48.8M
$50.1M
$49.4M
Stock-based compensation expense
$50.4M
$24.6M
$13.8M
$7.5M
Increase in fair value of investment securities
($4.8M)
($550.0K)
($4.5M)
$28.2M
(Decrease) increase in fair value of warrants liability
($2.7M)
($5.1M)
$6.1M
($7.7M)
Mortgage loans at fair value
($416.2M)
($4.1B)
$1.7B
$9.8B
Derivative assets
$62.4M
($66.9M)
$49.9M
($15.5M)
Other assets
($9.6M)
$57.1M
($169.3M)
$56.6M
Derivative liabilities
($9.4M)
($4.8M)
($9.0M)
$13.0M
Other liabilities
($60.5M)
$35.9M
($21.5M)
($130.0M)
Net cash (used in) provided by operating activities
($2.6B)
($6.2B)
$165.2M
$8.3B
Purchases of premises and equipment
($74.0M)
($39.5M)
($26.4M)
($26.6M)
Net proceeds from sale of mortgage servicing rights
$2.4B
$2.7B
$1.8B
$1.3B
Proceeds from principal payments on investment securities
$7.3M
$7.9M
$7.4M
$11.0M
Margin calls on borrowings against investment securities
$2.6M
($4.3M)
$5.3M
($5.3M)
Investment in private company equity securities
($100.0M)
—
—
—
Net cash provided by investing activities
$2.3B
$2.7B
$1.8B
$1.3B
Net borrowings (repayments) under warehouse lines of credit
$214.8M
$3.8B
($1.5B)
($9.5B)
Repayments of finance lease liabilities
($2.2M)
($5.6M)
($12.8M)
($17.3M)
Repayments under equipment notes payable
$0
$0
($991.0K)
($1.0M)
Borrowings under secured lines of credit
$3.0B
$1.7B
$1.0B
$1.3B
Repayments under secured lines of credit
($2.4B)
($1.9B)
($1.0B)
($500.0M)
Borrowings against investment securities
$350.3M
$369.8M
$166.1M
$101.3M
Repayments of borrowings against investment securities
($353.5M)
($372.9M)
($173.6M)
($118.8M)
Proceeds from issuance of senior notes
$1.0B
$800.0M
$0
$0
Discount and direct issuance cost of senior notes
($8.4M)
($7.0M)
—
—
Repayments of senior notes
($800.0M)
—
—
—
Dividends paid to Class A common stockholders
($78.6M)
($39.7M)
($37.2M)
($36.9M)
Member distributions paid to SFS Corp.
($638.0M)
($714.0M)
($600.8M)
($751.0M)
Other financing activities
($365.0K)
($909.0K)
($1.3M)
—
Net cash provided by (used in) financing activities
$384.0M
$3.6B
($2.2B)
($9.6B)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
($4.0M)
$9.9M
($207.4M)
($26.2M)
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD
$507.3M
$497.5M
$704.9M
$731.1M
CASH AND CASH EQUIVALENTS, END OF THE PERIOD
$503.4M
$507.3M
$497.5M
—
Cash paid for interest
$496.2M
$477.0M
$341.1M
$241.7M
Cash paid (received) for taxes
$914.0K
$3.0M
($56.0K)
—
UWM Holdings Corp cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income (loss)
($281.5M)
$170.4M
$79.5M
$67.5M
Reserve for representations and warranties
$13.0M
$5.6M
$25.8M
$20.2M
Capitalization of mortgage servicing rights
($2.1B)
($1.1B)
($2.5B)
($1.6B)
Change in fair value of mortgage servicing rights
$133.0M
$10.3M
$807.8M
$500.0M
Depreciation & amortization
$29.8M
$15.6M
$40.3M
$26.2M
Stock-based compensation expense
$25.7M
$13.2M
$34.8M
$20.0M
Decrease (increase) in fair value of investment securities
$861.0K
$303.0K
($3.8M)
($2.1M)
Decrease in fair value of warrants liability
$0
$0
($1.2M)
($2.0M)
Mortgage loans at fair value
$313.7M
($1.1B)
($1.3B)
$1.5B
Derivative assets
($46.0M)
($86.9M)
$8.5M
$40.6M
Other assets
($19.9M)
($702.8M)
($12.7M)
($221.0M)
Derivative liabilities
$7.0M
$311.2M
$5.2M
$40.7M
Other liabilities
$81.4M
$192.6M
($818.0K)
($1.4M)
Net cash (used in) provided by operating activities
($1.9B)
($2.2B)
($2.8B)
$328.0M
Purchases of premises and equipment, and capitalization of internal-use software
($28.5M)
($19.1M)
($52.3M)
($42.0M)
Net proceeds from sale of mortgage servicing rights
$801.0M
$542.6M
$2.2B
$1.6B
Proceeds from principal payments on investment securities
$3.6M
$1.7M
$5.5M
$3.5M
Margin calls on borrowings against investment securities
($2.0M)
($1.0M)
$3.5M
$3.0M
Net cash provided by investing activities
$774.1M
$524.3M
$2.1B
$1.6B
Net repayments under warehouse lines of credit
($312.4M)
$987.8M
$1.1B
($1.4B)
Repayments of finance lease liabilities
($1.0M)
($513.0K)
($1.7M)
($1.2M)
Borrowings under secured lines of credit
$3.6B
$2.0B
$1.5B
$925.0M
Repayments under secured lines of credit
($1.9B)
($1.3B)
($2.0B)
($1.0B)
Borrowings against investment securities
$170.4M
$86.7M
$262.8M
$175.7M
Repayments of borrowings against investment securities
($174.2M)
($87.5M)
($266.3M)
($179.4M)
Dividends paid to Class A common stockholders
($59.9M)
($26.8M)
($55.2M)
($34.6M)
Member distributions paid to SFS Corp.
($261.9M)
($133.1M)
($501.5M)
($343.6M)
Other financing activities
($4.2M)
($301.0K)
($365.0K)
($361.0K)
Net cash provided by (used in) financing activities
$1.1B
$1.6B
$1.0B
($1.9B)
DECREASE IN CASH AND CASH EQUIVALENTS
($5.0M)
($79.4M)
$363.4M
($17.4M)
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD